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Please explain how this was factored to get 0.005247 Number 8 An engineer buys his first house. The interest rate is 4.8% per year for

Please explain how this was factored to get 0.005247

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Number 8 An engineer buys his first house. The interest rate is 4.8% per year for 30 years. What is his monthly payment for a $250,000 morgtage. Divide 4.8 % by 12 to get monthly rate .4% A= 250,000(AP,4%,360) Will need to calculate factor Factor-.005247 250,000( .005247) = 13 1 1 .75

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